FEEC 2018 Speakers – Chelo Briones & Pamela Louise Victoriano

From Start Up to Step Up (Guide to Initial Public Offering) for Family Business

A family enterprise starts with a relatively small number of shareholders mostly coming from the founders, their friends, and mostly their families.

The ownership is closed and private.

But when your family business starts to grow and will require more capital, you will need to accept the infusion of new capital other than those from your friends and families.

Your most obvious source is the public.

And the only way to offer shares to the public is through an initial public offering or IPO of the shares of stock.

According to BusinessWorld, only four companies got listed in the Philippine Stock Exchange last 2017.

These four significant initial public offerings or IPOs of 2017 are: Chelsea Logistics Corporation (P5.8 billion) of Dennis Uy, Eagle Cement Corporation (P8.6 billion) of Ramon Ang, Wilcon Depot, Incorporation (P7-billion IPO) of William Belo, and Cebu Landmasters, Incorporated (P2.9 billion) of Jose R. Soberano III.

Though this is the most common way to get investment and attract new investors, the journey towards achieving your first IPO will not be easy.

But what is an initial public offering or IPO?

An initial public offering or IPO is when a private company or corporation raises investment capital by offering their company stock to the public for the very first time.

The great thing about having an IPO is that it is an effective means of raising cash for company expansion or ventures without borrowing from traditional sources of funds and in the process avoid the cost of interest.

The other side of having an IPO is that it opens the whole operation of the enterprise to public and largely to government scrutiny.

A company will have to undergo so many periodic audits and a lot of data considered confidential before may have to be made public.

The enterprise will now be subject to oversight by the Securities and Exchange Commission or SEC.

Companies going for IPO will have to comply with more stringent rules and regulations consisting of mandatory reporting of auditable financial and accounting information.

There are different governance rules, and together with this is the prestige of being launched in a public platform like the Stock Exchange.

A lot of successful family businesses are now going for their IPOs, and a lot of them have been able to complete their journey into the Philippine Stock Exchange to ring the bell.

For the most strategic and most forward-looking families in business, this is a journey of adventure.

It is however an adventure requiring commitment and whole new set of learning.

Get an inside view of how families took their family enterprise through a journey of launching their own IPO from professionals who help launch many of the biggest IPOs in the country at the Family Enterprise Excellence Conference 2018 or FEEC 2018 at the Marco Polo Plaza Hotel in Cebu City, Philippines.

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Chelo Briones is a Managing Consultant of P&A Grant Thornton’s Advisory Services Division.

Chelo has over eight years of combined experience in strategic planning, financial modeling, franchise development, international trade, valuation, and consulting services.

She has extensive experience in diverse industries ranging from inspection, verification services to food and retail both local and multinational companies.

Chelo has gained significant exposure in various industries during her stint in Singapore and UK including pharmaceutical, non-for-profit organizations, technology and innovation, as well as consumer product services.

P&A is the Philippine member firm within Grant Thornton International, which P&A founder Punongbayan announced in 2002. At that time P&A had 15 partners and 420 personnel.

Grant Thornton International is one of the world’s leading organizations of independently owned and managed accounting and consulting firms.

Pamela Louise Victoriano is the Vice-President for Corporate Finance of Unicapital, Inc.

Pamela graduated from the Ateneo de Manila University with a Bachelor of Science Degree in Management and has experience in a broad range of private and public equity transactions, financial advisory, and mergers & acquisitions.

Unicapital Inc., a duly-licensed, full-service investment house founded in the 1970s and known for many notable Initial Public Offerings.

FEEC 2018 Speaker: Terry Alan Farris

Integrating Philanthropy in the Business of Being a Family and Creating a Legacy

According to the Development Assistance Committee of the Organisation for Economic Co-operation and Development (OECD), foundations collective expenditures on development averages US$3 billion annually, mostly from US-based foundations.

A large chunk of that expenditures are funded by wealthy families in business.

A family enterprise is largely motivated to creating a legacy for future generations and probably drives their strategic concerns.

This motivation is not just manifested here but by most successful family enterprises in different parts of the world.

A family enterprise is most likely going to contribute charitably to their most immediate communities and invest heavily in philanthropic initiatives.

According to the global consulting firm, McKinsey & Company, there should be five dimensions of activity that must be working well and in harmony for a family business to be successful: family, ownership, wealth management, business & portfolio governance, and foundations (or Philanthropy).

Foundations organized by entrepreneurial families constitute a huge share of philanthropy in the world.

Philanthropy can provide opportunities for families in business to gauge commitment and shared values of family members, demonstrate leadership, show operational capabilities, and develop their own communities.

Engagements of family business in philanthropy is a testament to the families’ generosity and its concrete manifestation of their concern for human welfare.

In a way, philanthropy is a solid demonstration of the family business’ sustained success in their chosen industry because only a robust enterprise can achieve sustainability of purpose.

How does a family business finds its greater purpose?

What areas of development should the family care about?

How does a family choose what is most important?

How do you sustain philanthropic initiatives so that it can truly be a lasting legacy of a successful family in business?

Listen to lessons taken from the lens of a speaker who spent 30 years working with families and their corporate foundations in the Family Enterprise Excellence Conference 2018 or FEEC 2018 at the Marco Polo Plaza Hotel in Cebu City, Philippines.

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Terry Alan Farris is a leading expert in the philanthropic and corporate social responsibility sectors with over 30 years of experience advising, managing, and leading out with charities, NGOs, family and corporate foundations, and social enterprises around the world.

In 1998, Terry launched Farris Associates in Hong Kong advising companies on their corporate social responsibility and working with family run businesses with developing the family values and philanthropy. Farris Associates is the first fully dedicated fundraising & philanthropy advisory firms in Asia in the late 1990’s.

Terry was also the Executive Director of Hong Kong Adventist Hospital, the Associate Director of Development at Pacific Union College, and the Director of Advancement at the University of Hawaii Foundation overseeing the largest endowment campaign. Terry was the Chief Development Officer for Nanyang Technological University leading a team focused on the development of the University. While in Singapore, he managed and ran the Family Office Services for DBS Bank where he lead a team advisors focused on advising family businesses with their governance, philanthropy, and structuring.

Terry is passionate about impact investing and capacity building of the social sector. He has been instrumental in establishing associations, organizations, family offices, and resource programs that help build community capacity throughout the Asia-Pacific region. In 2005, Terry launched and headed UBS’ Private Bank Philanthropy Services for Asia-Pacific where he advised 225 family-owned companies and 150 non-profit clients in 12 countries to develop their family philanthropic, corporate social responsibility and their impact investing.

Mr. Farris has a Bachelors degree in Business Administration from Pacific Union College in California.

He is the Chief Operating Officer of the Asian Institute of Management – Scientific Research Foundation. He was head of Philanthropy Services for Asia-Pacific at MeesPierson (now Fortis MeesPierson).

FEEC 2018 Speaker: Adrian Ding

The Millennial Brand of Leadership: Can the millennial next-generation lead the family business to sustained success and growth?

According to Deloitte estimates, millennials will constitute 75% of the global workforce by 2025.

A 2015 State of Leadership Development Study commissioned by the Brandon Hall Group reveals that leadership development of millennials is not yet a priority among companies.

The study revealed that only 20% of these companies identified millennial leadership as critical for development in the next 2 years.

Our current understanding of millennials include the age group that find their way back home to their parents because they cannot take care of themselves economically.

Or that part of the young population who push back finding a career or pursuing marriage.

Is this the new population of young people we expect to lead us into a new age? Or are we expecting so much from them?

Ironically, there’s a strong argument that this is the age for leaders since this is the age population that have a better appreciation of today’s realities.

This is the population that wants leadership to be practice and demonstrated as rituals rather than taught in seminars or leadership workshops.

This is the age that wants to learn, to grow and to develop within the context of everyday living.

Millennials are not just expecting but demanding good governance from institutions and governments.

In the eyes of a millennial, companies must be more transparent, ethical, authentic, and carry a strong degree of conscience.

Can the millennial next-generation lead the family business to sustained success and growth? Find the answers in a conference organized to understand leadership in family business.

Listen to a millennial’s perspective from a millennial himself in a conference that drives home leadership in family business at the 2018 Family Enterprise Excellence Conference in the center of the Philippines at the Marco Polo Plaza Hotel this September 28-29, 2018.

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Adrian Ding is the CEO (Chief Empowering Officer) of Maximum Impact Philippines, a training solutions company, and the founder/lead trainer of the Academy of Extraordinary teens. His career as a corporate trainer and motivational speaker has made him a sought out trainer and speaker for top corporations, multinational-firms, non-profits, and the Academe. Teaching top executives the importance and processes of branding, leadership & management, and effective communication, while training sales teams the best practices on customer-service and sales & productivity. He started his sales and marketing career as he juggled real estates, financial planning and advertisement. By the age of 25, Adrian Ding was a self-made man.

Upon the age of 26, Adrian got certified in John Maxwell’s trainer’s Program in Singapore, 3 years later he got certified in T. Harv Eker’s Trainer’s program.

His curriculum teachers clients on High Impact Presentation, excelling in business relationships, motivation and personal excellence, strategic planning, and team building.

When not teaching executives, Adrian helps young teens in an academy that creates future leaders, speaks as a keynote speaker in various events, and writes inspirational articles on parenting, marriage, and life.

FEEC 2018 Speakers: Espina-Garcia Cousins

The Challenges and Rewards of the Cousin Consortium Stage: Overcoming the Third Generation “Curse”

According to John L. Ward in his book Perpetuating the Family Business: 50 Lessons Learned from Long-Lasting Successful Families in Business (Palgrave-MacMillan:2004) there are three common and distinct phases of family business: Stage I is the Owner-Managed Business phase, Stage II is the Sibling Partnership phase, and Stage III is the Cousin Consortium phase.

There’s a Myth or Fact we have to deal with because Stage III which is the Cousin Consortium phase also coincides with the Third Generation Curse.

There’s lesson to be learned from more than half a century of research and best practices in the family business.

New learning is coming from empirical data that may eventually tell us that there’s a way to get around the Third Generation Curse and successfully get to the Cousin Consortium phase.

There’s probably a lot of case studies in North America, United States, and Europe but there may not be that much examples to go on in Asia and even the Philippines in particular, in spite of the many research undertaken by Professor Roger King and Professor Toshio Goto.

The Philippines and more specifically Cebu, can provide a great example of the Cousin Consortium phase or a case of getting ahead of the Third Generation Curse.

These cousins come from one of the most prominent families in the Cebu business community.

They are in the Cousin Consortium phase, and quite deliberately, has survived the Third Generation Curse.

This family invested heavily in the power sector and have invested most prominently in the very competitive world of real estate development.

The heirs of Jose E. Garcia made up of the second and third generation are working together to continue his legacy by organizing and professionalizing their business.

The second generation still sits at the board providing the path for the cousins to pursue strategic and long term goals.

Walk with Arlo Angelo Sarmiento, Jose Marko Anton Sarmiento, Stefan Dion Garcia, Shem Jose Garcia, and Ayla Rosemarie Gomez as they retrace their steps to what they are today, a family united through a shared vision and mission, with them the third generation at the helm.

See and hear their journey as a cousin consortium and ask all the questions about surviving the Third Generation Curse and achieving the Cousin Consortium phase, in an event specifically organized to find answers to these questions in the 2018 Family Enterprise Excellence Conference.

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Established by their grandfather Jose E. Garcia, JEG Development Corporation (JDC) initially started as a holdings company for business ventures that had their roots three generations earlier with their great-great grandparents Don Fernando and Doña Augustina of the Visayan Escaño clan.

After the passing of Jose Garcia, inspired by his memory, the family, while maintaining its investment in the power industry, decided to make JDC operational by aspiring to become a major player in real estate development.

With this newest generation active in the family business, JDC strengthening with the visionary prospect of becoming a bigger and more diverse family enterprise.

JEG Tower is their most recent and most ambitious project, an ecologically-innovative and technology-driven office building at the forefront of the newest generation of Cebu building developments.

With this flagship undertaking, the family business aims to create a brand known for sustainably efficient and collaborative solutions.

JEG Tower will provide a working environment that is a healthy and beneficial space that improves productivity and the wellbeing of its users.

Marko Sarmiento is the COO of JDC, Stefan Garcia handles business development and estate management, while Ayla Gomez heads its marketing efforts. None of them are siblings but are first-degree cousins; other cousins are also involved in the family business at different levels and capacities.

Essentially, the family business is already led and driven by the third generation, with the support and guidance of the second.

While most family businesses fade in the second generation, their family business is experiencing renewed energy and dynamism with the grandchildren – a moment of rebirth.

FEEC 2018 Speaker: Dr Bernardo Malvar Villegas

Economics and Its Impact on Family Business and Transition of Leadership

The economy is driven by many things.

The economy can affect businesses individually. And collectively the health of all businesses or enterprises in a certain sector has a contributing effect on the economy.

It’s almost like the perennial chicken and egg conundrum.

This same conundrum can exist in the family, business, and ownership systems of the family business.

The impact of the economy on a family enterprise affects the context of the decision-making of founders.

The decision of the founder affects the business and the ownership system, and both of the former affects the family system just as the dynamics of the family system affects all systems.

The family system can drive leadership in the business system and the ownership system.

Is future leadership being prepared? Is the current leadership preparing the future leadership?

Is a leadership transition mechanism in place?

The absence or lack of leadership may endanger the very existence of a family enterprise in a moment when the business is about to ride a bad economy.

Do leaders in transition have a good grasp and understanding of the economy to prepare for risks or ride on opportunities?

Listen to the insights from Dr. Bernie Villegas, one of the leading economist of the country, as he takes you for a ride through the Philippine economy through the eyes of a family enterprise in the Family Enterprise Excellence Conference 2018 or FEEC 2018 at the Marco Polo Plaza Hotel in Cebu City, Philippines.

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Dr. Bernie Villegas ia a Visiting Professor of IESE Business School in Barcelona, Professor at the University of Asia and the Pacific (UA&P) and Research Director of the Center for Research and Communication, Manila. He has a Ph.D. in Economics from Harvard University (1963) and is a Certified Public Accountant, having been one of the CPA board topnotchers.

He obtained Bachelor’s degrees in Commerce and the Humanities (both Summa Cum Laude) from De La Salle University where he established a record by obtaining straight A’s in the LIACOM course, a five-year program he finished in four years.

At Harvard, at the age of 21, he was one of the youngest ever to be a teaching fellow in the College of Arts and Sciences. His special fields of study are development economics, social economics, business economics and strategic management.

He is the author of several economics textbooks widely used in Philippine schools and universities. He has also written a number of management best-sellers like The Philippine Advantage, Book of Virtues and Values, Productivity: Path to Global Competitiveness, The Filipino Phenomenon, The Philippines at the Threshold of the Third Millennium, and the Positive Dimensions of Population Growth.

He has received several prestigious awards such as the Ten Outstanding Young Men (TOYM), 1972, Fulbright, Johnson Foundation, Asia Foundation and the Instituto de Cultura Hispanica. He is currently a member of the boards of directors or advisory boards of leading national and multinational firms, such as the Benguet Corporation, Alaska Corporation, PHINMA Property Holding Corporation, AES and Transnational Diversified.

He served in the boards of Bank of the Philippine Islands, Globe Telecom, Insular Life, McDonalds and IBM. He is a consultant on management development and strategic planning for numerous leading firms operating in the Philippines and Asia Pacific.

He was a member of the Constitutional Commission that drafted the Philippine Constitution under the government of former President Corazon Aquino. He is very often on road shows briefing international audiences on the Philippines and the Asia Pacific region.

In July 1992, Dr. Villegas was appointed member of the Council of Economic Advisers of President Fidel Ramos. In July 1998, he was asked by President Joseph Estrada to help promote the Philippines among local and foreign investors. Under the Administration of President Gloria Macapagal Arroyo, he served as a private sector representative in the boards of the National Development Corporation and the Philippine Infrastructure Corporation.

Under the Administration of President Benigno Aquino III, he helped government agencies—both at the national and local levels—to promote investments in the Philippines. He will continue promoting investments in the Philippines under the Duterte Administration, especially in the regions outside the National Capital Region.

He served in the Pacific Board of Economics of Time Magazine and writes regularly for both local and international newspapers, such as the International Herald Tribune and the Asian Wall Street Journal.


Don’t miss this unique experience!

Meet and learn from our speakers and network with fellow family business owners, shareholders, and professional consultants from all over the country.


(032) 266 2831 / 263 3401 / 401 2939

0920 922 5581 (Smart)
0942 956 4767 (SUN)
0917 655 0275 (Globe)

2/F Insular Life Business Centre, Cebu Business Park


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